The Crypto Fear and Greed Index — a tool that measures broader market sentiment toward Bitcoin and the broader crypto market — has dipped to a level of “fear” not witnessed since March 11, when Circle’s USD coin (

Traders with open positions on crypto derivatives markets also suffered consequences, with more than $280 million worth of liquidations occurring since the announcement of the lawsuit.

Unsurprisingly, traders with open “long” positions — a leveraged bet on the price of crypto assets increasing — were the hardest hit, accounting for $261.75 million (92%) of the overall liquidations. Meanwhile, short traders experienced $20.7 million in liquidations. The top two digital assets were responsible for around 43% of these losses.